QIC to fund and develop new mixed-use landmark in Brisbane for QFF

Queensland Investment Corporation (QIC) is to lead-manage the development of a A$750m (€467m) mixed-use precinct in central Brisbane on behalf of the state’s newly-established Queensland Future Fund (QFF).

The state investment agency has lodged the first development application across four Cross-River Rail precincts on behalf of the QFF to construct what is known as the Albert Street precinct.

As manager for QFF, QIC will fund and develop a mixed-use precinct with a 40-storey office tower described as a “vertical village”.

QIC’s Cross River Rail Precincts director, Chris Brown, said the development’s unique design would ensure the project became a new landmark for Brisbane.

The Albert Street development is the first of four multi-billion-dollar above-ground developments linked to the A$5bn Cross River Rail project.

The Albert Street Cross River rail station is the first Brisbane CBD train station built in 120 years. It has been described as “a crucial transport hub” for the Brisbane 2032 Olympics.

“Even before announcement of the Brisbane 2032 Olympic and Paralympic Games, Brisbane was transforming into a truly international city,” Brown said.

“Location of the site within the Cross River Rail Priority Development Area and opposite Albert Street Station creates the opportunity to provide a truly integrated precinct.”

With a total site area of 2,500sqm, the development will comprise around 45,000sqm of prime office and mixed-use space, of which 31 storeys are proposed for office use, and nearly 4,000sqm for outdoor space.

Brown added: “QIC has over 30 years’ experience in asset stewardship and in delivering value for Queensland, with long-term real estate investment and operational capability aimed at driving value.”

Subject to approvals from Economic Development Queensland, construction of the Albert Street precinct is expected to be completed by late 2027.

QFF was established in 2020 and seeded with nearly A$8bn worth of assets. It is envisaged that the fund will own a diversified portfolio.

It was established as an umbrella structure to hold Queensland state-owned funds. The first of these is the Debt Retirement Fund, which has assets including the Queensland Titles Registry and a shareholding in Aurizon National, formerly Queensland Railways.